Do you claim a home-office deduction? Are you thinking of selling your home and buying another? If you are, you’re in luck. You see, if you know what you’re doing, you won’t have to pay the unpleasant recapture tax. And you can increase the tax basis in your replacement home. Which means you win two ways. Want to find out more? Read my new article titled Tax … [Read more...]
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Should you accept Bitcoin as payment?
There’s a lot of talk these days about Bitcoin. Which is not surprising. You see, more and more businesses are using this virtual currency as a store of value and a medium of exchange. Should you start letting people pay you with Bitcoin instead of greenbacks? Well, it’s certainly worth considering. But before you make a move, you should get all the facts. That’s why … [Read more...]
Buying a business? Debt can be good!
We’re always told that debt is a bad thing. That’s generally true except when debt is a good thing. Like when you’re about to buy a business and operate it as a C corporation. That’s right. The IRS treats corporate debt more favorably than corporate equity. So it may be a tax-smart move to include some debt (owed to outside lenders) and/or some owner-debt (owed to … [Read more...]
Read this before you buy a business!
What’s the smart way to acquire a business? The answer is simple… Buy the target company’s stock and treat the deal as an asset purchase! When you do, both you and the seller benefit tax-wise. But be aware of this important fact… When you’re buying a business, you really have to know what you’re doing. Which is why I suggest that before you do anything, you take a close … [Read more...]
How to create business partnerships tax free!
Here’s some good news from Uncle Sam… If you want to create a partnership for a new or existing business, you can probably do so tax free! Want to learn how you or your business can qualify for tax-free partnership formation? Want to avoid situations that might force you to pay taxes during partnership formation? Easy. Read my new article titled Tax Tips: Create a … [Read more...]